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SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Summarized Financial Information Showing Reconciliation of Segment Net Income Loss and Assets to Consolidated Results

The Holding Company and CFS columns below include amounts to eliminate transactions between segments (in thousands).

						Three months ended September 30, 2024
						Core Banking						WMG						Holding Company and CFS						Consolidated Totals
Interest and dividend income						$	32,353					$	—					$	9					$	32,362
Interest expense						13,974						—						—						13,974
Net interest income						18,379						—						9						18,388
Provision for credit losses						564						—						—						564
Net interest income after provision for credit losses						17,815						—						9						17,824
Other non-interest income						2,623						2,991						305						5,919
Other non-interest expense						14,304						1,897						309						16,510
Income (loss) before income tax expense (benefit)						6,134						1,094						5						7,233
Income tax expense (benefit)						1,277						227						9						1,513
Segment net income (loss)						$	4,857					$	867					$	(4)					$	5,720

						Three months ended September 30, 2023
						Core Banking						WMG						Holding Company, CFS, and CRM(1)						Consolidated Totals
Interest and dividend income						$	28,979					$	—					$	36					$	29,015
Interest expense						10,998						—						—						10,998
Net interest income						17,981						—						36						18,017
Provision for credit losses						449						—						—						449
Net interest income after provision for credit losses						17,532						—						36						17,568
Other non-interest income						5,002						2,533						273						7,808
Other non-interest expense						13,597						1,796						275						15,668
Income (loss) before income tax expense (benefit)						8,937						737						34						9,708
Income tax expense (benefit)						1,908						161						(9)						2,060
Segment net income (loss)						$	7,029					$	576					$	43					$	7,648

(1)Chemung Risk Management, Inc. (CRM) was dissolved December 6, 2023.

						Nine months ended September 30, 2024
						Core Banking						WMG						Holding Company, and CFS						Consolidated Totals
Interest and dividend income						$	94,941					$	—					$	26					$	94,967
Interest expense						40,729						—						—						40,729
Net interest income						54,212						—						26						54,238
Provision for credit losses						(597)						—						—						(597)
Net interest income after provision for credit losses						54,809						—						26						54,835
Other non-interest income						7,859						8,554						761						17,174
Other non-interest expense						42,953						5,529						945						49,427
Income (loss) before income tax expense (benefit)						19,715						3,025						(158)						22,582
Income tax expense (benefit)						4,224						647						(46)						4,825
Segment net income (loss)						$	15,491					$	2,378					$	(112)					$	17,757
Segment assets						$	2,769,437					$	2,961					$	1,817					$	2,774,215

						Nine months ended September 30, 2023
						Core Banking						WMG						Holding Company, CFS, and CRM(1)						Consolidated Totals
Interest and dividend income						$	82,939					$	—					$	102					$	83,041
Interest expense						26,482						—						—						26,482
Net interest income						56,457						—						102						56,559
Provision for credit losses						962						—						—						962
Net interest income after provision for credit losses						55,495						—						102						55,597
Other non-interest income						10,354						7,716						608						18,678
Other non-interest expense						41,187						5,293						937						47,417
Income (loss) before income tax expense (benefit)						24,662						2,423						(227)						26,858
Income tax expense (benefit)						5,215						536						(91)						5,660
Segment net income (loss)						$	19,447					$	1,887					$	(136)					$	21,198
Segment assets						$	2,701,959					$	2,596					$	3,279					$	2,707,834

(1)Chemung Risk Management, Inc. (CRM) was dissolved December 6, 2023.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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